I've been a Survival hunter since early TBC and have loved every minute of it. When Wrath came out I had a few annoyances including the moving of Readiness into the Marksmanship tree, but the 3.0.8 buffs to the SV tree have more than made up for it. Notes on my spec follow:

DPS build - This spec contains the majority of the percentage increasing talents. this build will scale very very well with gear. variations can be made by swapping master marksman with expose weakness. the idea of this build is to gain 100% of int added to ap (+4% int), 30% of stam added to ap (with +10% stam), +19% agi, 5% more damage with ranged weapons, and +10% to ap. all with a major crit chance on most attacks

DPS build - the idea here is to get maximum damage combined between you and your pet. The combination of bestial wrath (3min cooldown) + Rapid Fire (3 min cooldown) + Readiness (3 min cooldown) means in raid boss battles you can use both bestial wrath and rapid fire two times against one boss ( BW, RF, Readiness, BW, RF) and then only have to wait 3 min before you can repeat the process.

Some hunters out there that are not into PvP might be wondering what the dualspec has to offer them. They may find this a usefull suggestion. In my opnion I find this specc only worth going for in 25 man raids or maybe when your off to raid a capital or WG, allthough you probably won't get props for raid support in WG. Also before taking this build I would suggest using as a rule of thumb that the lowest dps gear rating in your raid is somewhere around 1900 on WoW-heroes. The major drawback of this build is that it will pretty much cut your dps in half, if however you followed the rules of thumb above it will be like you brought between 1,5/2 extra dps'ers to the raid overall. There is no point in having other hybrid hunters in the raid when your there, probably is no point in bringing an MM Hunter at all. Also make sure that the other hunters understand that your Hunter's Mark goes on the big boss and they should stick theirs elsewhere, don't forget to smack yours on the add that needs to be burned down quick too.